Published: September 22nd, 2023,
Last updated: May 28th, 2025

„It’s the economy, stupid!“. Bill Clinton won the trust of the US public and the presidential election in 1992 with this slogan. At the same time, Deng Xiaoping shouted, „It’s the economic development that counts,“ and restarted China’s reform engine during his legendary trip to southern China. Deng also forced the party leadership of the time onto the path of a market economy and freed the nation from the ideological rigidity that had been forced upon it after the Tiananmen massacre in 1989. It was Deng himself who had ordered the military intervention on June 4. But he was also the one who, thanks to his market reforms, brought the People’s Republic out of its ostracism and sanctions.